Re: Auto Loan Approvals!

You should ask this question under the "Auto Loans" forum as a new post. This thead is normally for those that have recently purchased or leased vehicles. With your score, getting approved for super low rates will be easy for you. If your scores are accurate, you should qualify for 0% financing promotions from Toyota and Honda. The lowest auto rate the credit unions are offering is 1.49% which is still great!

After three consecutive months of on-time or early payments and remaining a member in good standing, you will automatically receive a 1/4% discount on your loan interest rate. The Payment Reward Program will continue to lower your interest rate a 1/4% every three monthsfor a maximum interest rate reduction of up to 1.50%. This will mean big savings for you over the term of your loan! This rate reduction will not change your payment, but you will pay less interest over the life of the loan and, depending on your original term, you may even pay your loan off early.

I wasn't planning to carry the loan to term anyway (need to clear room on DTI calc for mortgage); however, this is pretty tasty for a used car loan of any type let alone a refinance to someone who just isn't anywhere close to prime yet.

ANNUAL INCOME: $50kMISCELLANEOUS COMMENTARY: A week before I applied for the loan, I checked my credit score through Equifax and my score online was 723 so not sure why its lower through the credit union. Also, this is my first ever auto loan and with no cosigner

MISCELLANEOUS COMMENTARY: I have two active loans with this credit union for over 2 years. One of my car was totaled and I have paid it off after receiving insurance money. I had a few 90 and 120 lates with my Citi credit cards back in 2010 and they were paid to 0 balance after settlement. Currently having 10 active credit cards with ultilization of 40%. The loan officer asked me to explain what happened with the lates and asked me how much I want to borrow. I shot for $32k and got approve instantly due to my on time history with them. Rate is 2.9 for 60 months, 3.9 for 72 months or 4.9 for 84. I picked 3.9%. The lowest advertised rate from the credit union is 2.9 for 72.

ANNUAL INCOME: 51K MISCELLANEOUS COMMENTARY: Walked into the dealership with a Capital One blank check at 17.55%. F&I mgr was able to pull the strings at Honda Finance to get me approved with Honda finance at 12.9.

ANNUAL INCOME: $38,000MISCELLANEOUS COMMENTARY: I got this loan in October 2010. Since raise my credit score 50 to 70 points have had nearly 2 years of on-time payments on my auto-loan. I also have three credit cards that are about eight months old with on-time payments and 10% of used.

Re: Auto Loan Approvals!

APPROVING BANK:RoadloansBUREAU PULLED:EQCREDIT SCORE:618(lowest of the bunch, rest are almost 650)CUSTOMER STATE OF RESIDENCE:TXNEW/USED:UsedYEAR OF VEHICLE:2006

MAKE:Ford

MODEL:Mustang GTMILEAGE:34KRETAIL/LEASE: Private PartyAMOUNT OF LOAN:15250TERM CONTRACTED:48 MonthsAPR/LEASE RATE:14.5%(had as low as 12 for retail loan, but this turned out to be a better deal)MONTHLY PAYMENT:$310.25

ANNUAL INCOME:74,000MISCELLANEOUS COMMENTARY:My first auto loan, ever! I plan to refi here in 6-10 months for a hopefully much better rate, until than, I'm gardening!!

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair
organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or
assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.